Road block

4 May 2006

Rome hates the Abertis tieup. So one theory is that it might tilt the playing field in favour of a domestic bidder. But that would be hard to justify. Meanwhile, Abertis and the Benettons have sought to lock counterbidders out.

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Anas, the Italian motorway regulator, said it could revoke Autostrade's concession if the group's planned merger with Spain's Abertis breached agreements. Italian politicians have also been critical of the deal. Investment banks are reportedly trying to put together alternative domestic bidders for the motorway group.

Schema 28, the vehicle through which the Benetton family controls motorway group Autostrade, cannot take major decisions unless 13 out of its 15 board members agree, according to a person familiar with the situation. Abertis has recently been given a third seat on Schema 28's board.

Meanwhile, Abertis's two major shareholders, ACS and La Caixa, have pledged not to tender their shares to alternative bids for Abertis.

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